AIG Claims Pared In $10.5B Countrywide RMBS Suit

Law360, New York (May 23, 2012, 10:02 PM EDT) -- A California federal judge on Wednesday tossed American International Group Inc.'s federal claims in its $10.5 billion suit over deteriorated underwriting standards at Bank of America Corp. unit Countrywide Financial Corp., agreeing with BofA that those claims have come too late.

U.S. District Judge Mariana R. Pfaelzer partly granted BofA's motion to dismiss the suit, tossing AIG's federal claims with prejudice, finding that those claims for violations of the Securities Act of 1933 over soured residential mortgage-backed securities certificates it had bought are barred by a...
To view the full article, register now.